Dow INDU reverses

After breaking through 11,285 and 11,344, it looks to me as if the INDU has broken above its former intermediate high, and has established a higher high. Still to be seen: the higher low.

It could be argued that this is an invalid occilation, since the rebound is from the 50 and 200-day MA lines rather than from a test of the previous low. That may be, however even if it is, that would indicate that this is a minor occilation from a wave that will retest the May 11,670 high.

As it looks to me, this is an intermediate term Dow Theory reversal if it tests but maintains the 10,683 low.

With that said, I'm looking for a short-term reversal to test the 10,683 low. I've entered shorts on BBBY, XAU, and CP (gathered form Trader Tim) and on DIA as a play on the INDU. I look at these shorts as two to three week positions.

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